Peter Obi, the Labor Party presidential candidate in the 2023 general election, has described the newly introduced cyber security levy by the Federal Government as too many taxes and aimed at milking a dying economy.
Obi said instead of promoting the recovery and growth of the economy, the government through its multiple taxation is more interested in imposing further burdens on the people already suffering severe economic stress.
Obi wrote on his economy. to nourish it towards recovery and growth.
“This not only amounts to multiple taxation of banking transactions, which are already subject to several other taxes, including stamp duties, but denies the government’s stated commitment to reduce the number of taxes and streamline the tax system.
“The imposition of a cyber security levy on banking transactions is particularly sad, as the tax falls on companies’ trading capital and not on their profits. Therefore, whatever is left of their remaining capital will be further eroded, following the impact of the Naira devaluation and high inflation. rate. It is unthinkable to expect Nigeria’s suffering citizens to individually fund all government activities.
“Policies like these not only impoverish citizens, but also make the country’s economic environment less competitive.
“At a time when the government should be cutting taxes to curb inflation, the government is introducing new taxes instead. And when did the NSA office become a revenue collection center?
“And why should that purely national security agency receive returns on a specific tax as stated in the new cybersecurity law?”
